Simply connect the red 3-5V power, the yellow wire to your data input pin and the black wire to ground. Although it uses a single-wire to send data it is not Dallas One Wire compatible! If you want multiple sensors, each one must have its own data pin!
Compared to the DHT11, this sensor is more precise, more accurate and works in a bigger range of temperature/humidity, but its larger and more expensive
There is a 5.1K resistor inside the sensor connecting VCC and DATA so you do not need any additional pullup resistors